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S&P 500 Rally to Extend on Red-Hot Consumer Confidence Data

S&P 500 Rally to Extend on Red-Hot Consumer Confidence Data

Rich Dvorak, Analyst

STOCK MARKET OUTLOOK: S&P 500 INDEX CLIMBS AS CONSUMER CONFIDENCE IMPROVES

  • S&P 500 price action is extending its advance during early morning trade on Tuesday
  • Stock market gains look likely to continue in short-term amid prevailing risk appetite
  • Consumer confidence data just released improved to 127.3, topping median forecast
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The S&P 500 is trading on its front foot shortly after the opening bell in New York. Stocks look nice a buoyant on the heels of prevailing appetite for risk, which is likely getting another boost from US consumer confidence data just released. Headline consumer confidence crossed the wires at 127.3, which improved from 120.0 in May and topped the market forecast looking for a reading of 119.0. The present situation and future expectations subcomponents both climbed from 148.7 to 157.7 and 100.9 to 107.0, respectively.

S&P 500 INDEX PRICE CHART: DAILY TIME FRAME (28 DEC 2020 TO 29 JUN 2021)

sp500 price chart stock market forecast

Chart by @RichDvorakFX created using TradingView

According to other details in the latest consumer confidence report, the percentage of consumers planning to purchase homes, automobiles and major appliances all rose. Demand for services like travel looks robust as well with vacation intentions also rising. This all likely stands to help propel consumer spending and corporate earnings. In turn, with consumer confidence red-hot and consumption trends strong, it seems as though the US stock market is primed to continue chugging in the short-term.

To be fair, however, robust economic activity could encourage the Federal Reserve to move forward with taper timeline discussions. The risk of Fed tapering remains a probable headwind to risk appetite and equities. Keeping tabs on the S&P 500-derived VIX Index could be worthwhile for traders as a rise in the VIX might indicate the market is looking to hedge against downside risks, which in turn, may see the S&P 500 come under pressure if the proper bearish catalyst comes along.

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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